Stock Trading Alert: Indexes Close To Their Highs Ahead Of …
Stock Trading Alert: Indexes Close To Their Highs Ahead Of Shortened Pre-Holiday Session
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| Thu, Jul 3, 2014
Stock
Trading Alert originally published on July 3, 2014, 6:41 AM:
Briefly: In our opinion, no speculative positions are justified.
Our intraday outlook remains neutral, and our short-term outlook is neutral:
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
The U.S. stock market indexes gained 0.1% on Wednesday, as investors reacted
to some better-than-expected economic data releases. Our yesterday’s
neutral intraday outlook has proved to be accurate. The S&P 500 index
remained slightly below its Tuesday’s all-time high of 1,978.58. The nearest
important resistance level is at around 1,980, and the next level of resistance
is at the psychological 2,000. On the other hand, the support level is at 1,960,
marked by some of the recent local extremes. The index remains above month-long
upward trend line, which is positive. There have been no confirmed negative
signals so far, however, we can see short-term overbought:
Expectations before the opening of today’s session are slightly positive,
with index futures currently up 0.1-0.2%. The main European stock market indexes
have gained 0.5-0.7% so far. Investors will now wait for series of economic
data announcements: Nonfarm Payrolls, Unemployment Rate, Initial Claims, Trade
Balance at 8:30 a.m., ISM Services at 10:00 a.m. The S&P 500 futures contract
(CFD) trades close to its all-time high, as it continues to fluctuate along
the level of 1,965-1,970. The nearest important support level is at around
1,960, as we can see on the 15-minute chart:
The technology Nasdaq 100 futures contract (CFD) is in an analogous consolidation,
close to its long-term high. The resistance level is at the psychological 3,900.
On the other hand, the level of support is at 3,880, marked by recent local
lows, as the 15-minute chart shows:
Concluding, the broad stock market is in a short-term flat correction within
an uptrend. There have been no negative signals so far, however, we can see
some overbought conditions which may lead to a correction. We think that it
is better to stay out of the market at this moment.
Thank you.
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Author: Paul Rejczak
Paul Rejczak
Stock Trading Strategist
Stock
Trading Alerts
SunshineProfits.com
Stock market strategist, who has been known for quality of his technical and
fundamental analysis since the late nineties. He is interested in forecasting
market behavior based on both traditional and innovative methods of technical
analysis. Paul has made his name by developing mechanical trading systems.
Paul is the author of Sunshine Profits‘
premium service for stock traders: Stock
Trading Alerts.
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Stock Trading Alert: Indexes Close To Their Highs Ahead Of …
